GoPro Stock Forecast
GoPro stock downgraded to Sell Candidate
(Updated on May 03, 2024)
The GoPro stock price gained 0.524% on the last trading day (Friday, 3rd May 2024), rising from $1.91 to $1.92. It has now gained 3 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 4.21% from a day low at $1.90 to a day high of $1.98. The price has risen in 6 of the last 10 days and is up by 12.94% over the past 2 weeks. Volume fell on the last day by -135 thousand shares and in total, 1 million shares were bought and sold for approximately $1.98 million. You should take into consideration that falling volume on higher prices causes divergence and may be an early warning about possible changes over the next couple of days.
The stock lies in the middle of a very wide and falling trend in the short term and further fall within the trend is signaled. Given the current short-term trend, the stock is expected to fall -29.77% during the next 3 months and, with a 90% probability hold a price between $1.10 and $1.48 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
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GPRO Signals & Forecast
A buy signal was issued from a pivot bottom point on Monday, April 22, 2024, and so far it has risen 13.61%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and it may be an early warning. The stock should be watched closely. Some negative signals were issued as well, and these may have some influence on the near short-term development. The GoPro stock holds a buy signal from the short-term Moving Average; at the same time, however, the long-term average holds a general sell signal. Since the longterm average is above the short-term average there is a general sell signal in the stock giving a more negative forecast for the stock. On further gains, the stock will meet resistance from the long-term Moving Average at $1.99. On a fall, the stock will find some support from the short-term average at $1.81. A break-up through the long-term average will give another buy signal, while a fall below the short-term average will add another sell signal and strengthen the general signal.
Support, Risk & Stop-loss for GoPro stock
On the downside, the stock finds support just below today's level from accumulated volume at $1.82 and $1.77. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, GoPro finds support just below today's level at $1.82. If this is broken, then the next support from accumulated volume will be at $1.77 and $1.76.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.0800 between high and low, or 4.21%. For the last week, the stock has had daily average volatility of 5.17%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (GPRO) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect GoPro to open at $1.93, and during the day (based on 14 day Average True Range), to move between $1.83 and $2.01, which gives a possible trading interval of +/-$0.0931 (+/-4.85%) up or down from last closing price. If GoPro takes out the full calculated possible swing range there will be an estimated 9.69% move between the lowest and the highest trading price during the day.
Since the stock is closer to the support from accumulated volume at $1.82 (5.21%) than the resistance at $2.22 (15.63%), our systems sees the trading risk/reward intra-day as attractive and believe profit can be made before the stock reaches first resistance..
Earnings coming up
GoPro will release earnings AMC on Tuesday, May 07, 2024.The consensus among the analysts for the expected earnings (EPS) is -$0.240. We will update the financials statements for GoPro, that can be found here as soon as the records are public. Our systems has calculated a possible swing of +/- 5.09% in the first trading day after earnings release.
Is GoPro stock A Buy?
GoPro holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.
Current score: -1.135 Sell Candidate Downgraded
Predicted Opening Price for GoPro of Monday, May 6, 2024
| Fair opening price May 6, 2024 | Current price |
|---|---|
| $1.93 ( 0.694%) | $1.92 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for GPRO
Fibonacci Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.01 | 4.86 % | |
| R2 | 1.98 | 3.27 % | ||
| R1 | 1.96 | 2.29 % | ||
| Current price: | 1.92 | |||
| Support | S1 | 1.90 | -0.90 % | |
| S2 | 1.88 | -1.88 % | ||
| S3 | 1.85 | -3.47 % |
Accumulated Volume Support & Resistance Levels
| Level | Price | |||
|---|---|---|---|---|
| Resistance | R3 | 2.39 | 24.48 % | |
| R2 | 2.26 | 17.71 % | ||
| R1 | 2.22 | 15.63 % | ||
| Current price | 1.92 | |||
| Support | S1 | 1.82 | -5.21% | |
| S2 | 1.77 | -7.81% | ||
| S3 | 1.76 | -8.33% |
FAQ
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